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CIPS Defining Business Needs Sample Questions (Q219-Q224):

NEW QUESTION # 219
Bob is a new procurement specialist at XYZ Ltd. He is assigned to categorise the company's sup-plies. After analysing, Bob realises that a group of low value products is sourced from a tiny geo-graphical area which is prone to flooding. What would be the best strategy to manage this category of products?

A. Find an alternative source to secure supply
B. Assign some of procurement jobs to user department
C. Source this group of products from only one supplier
D. Form partnership relationship with the current supplier

Answer: A

Explanation:
In the scenario, the products have low value and high risk of supply. This group is known as bottleneck or critical in Kraljic's portfolio matrix. The objective for such items would be securing the supply. The company can achieve this goal by 'making' the products themselves, or finding an alternative option.
Diagram Description automatically generated

NEW QUESTION # 220
What does the acronym RAQSCI stand for?

A. Regulatory, Ability, Quality, Service, Cost, Inventory
B. Relationship, Ability, Quality, Service, Cost, Innovation
C. Regulatory, Availability, Quantity, Sustainability, Inventory
D. Relationship, Availability, Quantity, Sustainability, Cost, Innovation
E. Regulatory, Availability, Quality, Service, Cost, Innovation

Answer: E

Explanation:
RAQSCI stands for Regulatory, Availability, Quality, Service, Cost, Innovation.
LO 1, AC 1.1

NEW QUESTION # 221
When developing a business case for a new product, a procurement department must consider...

A. The supply market
B. The supplier positioning model
C. Indirect costs
D. Terms and conditions of contract

Answer: A

NEW QUESTION # 222
What are the direct risks that can result from procurement receiving inadequate specifications from a research and development department?

A. Increased labour costs
B. Under or over delivery of goods
C. Under or over statement of need
D. Increased business size

Answer: B

NEW QUESTION # 223
A purchaser is looking for alternative supplies if there is a major disruption to their supply chain, including logistics, manufacturing and all support services. Which of the following method is that purchaser applying?

A. Treat the risk
B. Transfer the risk
C. Terminate the risk
D. Tolerate the risk

Answer: A

Explanation:
Risk control is the process by which an organization reduces the likelihood of a risk event occurring or mitigates the effects that risk should it occur. CIPS preferred way to determine your risk control strategy is to use the four T's Process:
Transferring Risk can be achieved through the use of various forms of insurance, or the payment to third parties who are prepared to take the risk on behalf of the organization Tolerating Risk is where no action is taken to mitigate or reduce a risk. This may be because the cost of instituting risk reduction or mitigation activity is not cost-effective or the risks of impact are at so low that they are deemed acceptable to the business. Even when these risks are tolerated they should be monitored because future changes may make it no longer tolerable.
Treating Risk is a method of controlling risk through actions that reduce the likelihood of the risk occurring or minimize its impact prior to its occurrence. Also, there are contingent measures that can be developed to reduce the impact of an event once it has occurred. Finding an alternative sup-plier is an example of treating the risk.
Terminating Risk is the simplest and most often ignored method of dealing with risk. It is the ap-proach that should be most favored where possible and simply involves risk elimination. This can be done by altering an inherently risky process or practice to remove the risk. The same can be used when reviewing practices and processes in all areas of the business.
If an item presents a risk and can be changed or removed without it materially affecting the busi-ness, then removing the risk should be the first option considered; rather than attempting the treat, tolerate or transfer it.
Reference:
LO 3, AC 3.3

NEW QUESTION # 224
......

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Real L4M2 Questions & Valid L4M2 Exam Sample

HOT Real L4M2 Questions - High Pass-Rate CIPS Defining Business Needs - Valid L4M2 Exam Sample

CIPS Defining Business Needs Sample Questions (Q219-Q224):

Real L4M2 Questions Exam Pass at Your First Attempt | Valid L4M2 Exam Sample

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